Public Service Commission puts off decision on Entergy nuclear plant spinoff

Scriba, NY -- The state Public Service Commission Thursday agreed to seek public comment on Entergy’s proposal to spinoff its nuclear plants — including the James A. FitzPatrick plant in Scriba — into a new publicly traded company.

The commission, at its meeting in Albany, delayed decision on the plan after reviewing recommendations its staff made Feb. 11 and receiving a new proposal the company submitted Tuesday, said James Denn, speaking for the PSC.

New Orleans-based Entergy wants to spin off its three New York nuclear plants, Fitzpatrick station in Scriba and two units at the Indian Point Energy Center in Westchester County, into a company called Enexus Energy Corp.

The PSC previously has said the spinoff is not in the public’s best interest. It expressed concern about the long-term financial stability of the three New York nuclear power plants and whether the spinoff would provide ratepayer benefits.

Entergy this week decided to cut its debt and improve its financial standing to “strengthen Enexus and protect the long-term interests of New York residents,” said Mike Burns, speaking for Entergy.

The spinoff requires approval from the Nuclear Regulatory Commission, the federal Energy Regulatory Commission, the Securities and Exchange Commission, Vermont Public Service Board and state PSC. Only FERC and the NRC have given approvals.

The NRC also has approved extending the window for Entergy to complete the deal to Aug. 1.